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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Avid Technology, Inc.    AVID

AVID TECHNOLOGY, INC.

(AVID)
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Avid Technology : and QSR Systems Strike 10-Year Subscription Agreement for Creative Tools Upgrade and Expansion for Leading Supplier to Hollywood's Production Community

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09/18/2020 | 05:29am EDT

BURLINGTON, Mass. - In Conjunction with Avid Reseller MelroseMAC, QSR Systems Enhances Its Capacity to Support Film and Broadcast Content Creators as Their Workflows Evolve

One of Hollywood's top providers of post-production technology rentals, QSR Systems, has entered a 10-year software subscription agreement with Avid® (NASDAQ: AVID) to dramatically expand its ability to readily supply creative tools to its film and broadcast clients. QSR Systems' new long-term subscription agreement doubles the company's available pool of Media Composer® editing system licenses, available either on-premises or in the cloud. One of Avid's top resellers, MelroseMAC, was instrumental in establishing this new agreement.

QSR Systems and Avid have been closely partnered for more than 15 years. This new agreement effectively transforms their ongoing collaboration in order to better support the creative community's rapidly evolving content creation workflow needs. In addition to leveraging Avid creative tools, QSR's data management practice delivers full-service content storage and asset management based on Avid hardware and software solutions for short-term production projects as well as long-term secure archiving.

"While we're proud to serve the best and brightest creators in media and entertainment, the way we go to work for these clients absolutely has to help them to adjust to these changing times," Doug Cavaliere, President, QSR Systems. "We're taking full advantage of Avid's subscription program to ensure we'll retain the flexibility our clients can rely on for a very long time to come."

"Today more than ever, studios and broadcasters need fast access to highly cost-conscious and flexible solutions through close partners that are ready to change how they're collaborating to help keep production commitments on track," said Tom Cordiner, Chief Revenue Officer, Avid. "QSR Systems has now gone much further to cement its value to Hollywood's creative community. At Avid, we're very pleased that our subscription offerings are being put to work to give new strategic strength to key players in the media and entertainment ecosystem like QSR Systems."

About QSR Systems

QSR Systems is the leading west coast provider of post-production edit and storage systems, certified Work-from-Home editorial solutions, on-set media management tools, and lab-based transcoding/archive/upload services. Founded in 1991, we've built our reputation on two primary pillars: provide unmatched customer service and take exceptionally good care of our people. First and foremost, we're an engineering-based company poised to invent. When files got larger, we built a proprietary transcoding lab. When cloud delivery replaced hard drives, we huddled with key OTTs. Wherever technology travels, we find solutions.

About MelroseINC

MelroseINC is a Los Angeles-based system integrator specializing in Post-Production, Broadcast and Network Security. It is a WBENC-certified (Women's Business Enterprise National Council), woman-owned technology sales, service and solutions provider. Established in 2003, MelroseMAC is an Avid Elite Reseller, and an Apple Premier Sales and Service Provider. Digital media professionals and enthusiasts rely on us to design and implement various workflows. Through our business division, we help small, medium and enterprise level businesses seeking technology solutions to improve their IT, employee productivity, asset management and mobility. About Avid

Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution, and consumption. Avid's preeminent customer community uses Avid's comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world-from prestigious and award-winning feature films to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts. With the most flexible deployment and pricing options, Avid's industry-leading solutions include Media Composer®, Pro Tools®, Avid NEXIS®, MediaCentral®, iNEWS®, AirSpeed®, Sibelius®, Avid VENUE(TM), FastServe®, and Maestro(TM). For more information about Avid solutions and services, visit www.avid.com, connect with Avid on Facebook, Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid Blogs.

© 2020 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid NEXIS, FastServe, AirSpeed, iNEWS, Maestro, MediaCentral, Media Composer, Pro Tools, Avid VENUE, and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. All other trademarks are the property of their respective owners. Product features, specifications, system requirements and availability are subject to change without notice.

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(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE


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Financials (USD)
Sales 2020 356 M - -
Net income 2020 11,0 M - -
Net Debt 2020 155 M - -
P/E ratio 2020 39,0x
Yield 2020 -
Capitalization 411 M 411 M -
EV / Sales 2020 1,59x
EV / Sales 2021 1,32x
Nbr of Employees 1 429
Free-Float 93,6%
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 12,75 $
Last Close Price 9,35 $
Spread / Highest target 81,8%
Spread / Average Target 36,4%
Spread / Lowest Target -14,4%
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Managers
NameTitle
Jeff Rosica President, Chief Executive Officer & Director
Peter Miles Westley Chairman
Kenneth Gayron Chief Financial Officer & Executive Vice President
Nancy Hawthorne Director
Robert Marc Bakish Independent Director
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